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Definition:
A partnership is defined as “the relationship that subsists between two or more persons carrying on a business in common with a view to making a profit.” (Partnership Act).Membership:There may be a minimum of two and a maximum of twenty members in a partnership. In the U.K however, the Partnership Act 1934 CAP 29 provides that the maximum number of partners in a firm that offers personal/professional services may be up to 50 if each partner is professionally qualified, e.g. Accountants, Lawyers, architects doctors, surgeons etc.Types of Partners:
Partners may be classified into the following categories:a) Active or dormant;b) Limited or Unlimited;c) Adult or Minor;d) Real or Quasi.
Illustration regarding profit that head office can claim E Ltd sets up a branch in Nyeri on 1 July 2001. Goods are sent to branch at an invoice price which is 10% above cost. S
Q. What are Junk Bonds? Junk Bonds - DEBT SECURITIES issued by companies with higher than normal credit risk. Considered ‘non-investment grade' bonds, these SECURITIES ordinari
1. Think about the transactions listed below. a. A company obtains a $10,000 loan from a bank. b. A company purchases $15,000 of inventory from its suppliers. They paid $5,000 toda
what does this term mean?
Cashflows from operating activities operating activities are the principle revenue generating activities of the business and examples of such cashflows include: Cash re
Loan stock in subsidiary The holding company may also invest in the loan stock of the subsidiary company or part of the loan stock of the subsidiary company. The cost of the loa
I am facing some problems in my assignment of Seller, Buyer, Seller’s Bank, and Buyer’s Bank. Can anybody suggest me the proper explanation for it? a. Draw the diagram of the tr
How many full-time members are on the Public Company Accounting Oversight Board (PCAOB)?
journal entries
What are some examples of adjusting entries that are made at the end of the accounting period to bring general lever accounts balance in accordance with GAAP.
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